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Related Flashcards
Cards In This Set
| Front | Back |
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Land is -
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Earth surface to core and upward to Infinity - includes permanent object such as trees, water.
--> Includes Air Rights, Surface and Subsurface Rights (and Water Rights) These can be sold seperately. |
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Real Estate is -
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Land plus any Improvements. Any addition to land such as houses, man-made.
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Real Property is -
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Land & Real Estate & Bundle of Rights (of ownership)
Right of Possession Right to Control Right of Enjoyment Right of Exclusion Right of Disposition |
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Title to Real Property is:
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Right to ownership of the land (bundle of rights)
Evidenced of ownership by a Deed - the actual document - by which a title is transferred. |
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Appurtenance
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Right or Privilege associated with real property i.e. parking spaces in mutli-unit (includes an easement / water rights)
Usually conveyed to new owner. |
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Personal Property - otherwise known as:
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Chattels. All that is not real property, is moveable, consists of:
- Emblements - Real prop that can become personal by Severance - Personal prop that can become Real prop by Attachment / Annexation - Manufactured homes (unless permanently affixed to land) |
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A Fixture is:
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Personal Prop that has been affixed - becomes real property. i.e. Elevators, Plumbing, Light Fixtures, Kitchen Cabinets.
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Legal test of Fixtures include (3 things)
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- Method of Annexation (easily removeable?)
- Adaptation to Real Esate (considered permanent? i.e. match the fridge to cabinets) - Agreement of parties |
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Trade Fixtures (Chattel Fixtures)
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Attached, for use in business i.e. Pizza Oven (or fan or whatever)
- Personal prop if removed by tenant - Real prop if left behind |
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Economic characteristics of Real Esate:
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- Scarcity
- Improvements - Permanence of Investment - Location |
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Physical characteristics of Real Esate:
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- Immobility
- Indestructibility - Uniqueness - hetero / nonhomogeneity |
